Charges on cash deposit above the daily limit of N500,000.00 and N3,000,000.00 for individual and corporate customers respectively has been suspended by the Central Bank of Nigeria (CBN), effective June 05, 2014.
Consequently, charges incurred due to cash deposits above the daily limit from June 05, 2014 will be reversed accordingly by all banks in the country.
What this implies is that henceforth, there will be no penalty for cash deposits above these limits. However, do note that Cash withdrawal charges at the current rate of 3% for individual and 5% for corporate accounts is still in place and will be extended to all the states of the federation from July 01, 2014.
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